SMIT and SAAM joint towage operation in works

smitsaamRoyal Boskalis Westminster N.V. (Boskalis) announces that discussions are underway with Sudamericana Agencias Aereas y Maritimas S.A. (SAAM) to explore the possibilities and opportunities for a joint towage operation within the American Continent.

The intended joint towage operation within the Americas is between SMIT, a wholly owned subsidiary of Boskalis, and SAAM, a wholly owned subsidiary of Compañía Sud Americana de Vapores (CSAV).

The joint operation between SMIT and SAAM would create a leading provider of towage services in Central and South America. The combined towage operations would serve 45 ports in 9 countries with a fleet of more than 170 vessels. The total annual turnover would exceed $270 million and besides operational synergies, the joint operation would also strengthen the market position of the combined companies.

Discussions are currently ongoing and the two companies are working to reach a formal agreement in the coming months, subject to certain customary conditions.

November 10, 2011

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